Revenues of $1.9 billion, +11% YoY
Net income of $115.4 million and diluted EPS
of $5.13, +18% YoY
Adjusted net income of $129.0 million and
adjusted diluted EPS of $5.74, +17% YoY
EBITDA margin of 11.3%, +200 basis points
sequentially
Contract awards of $3.5 billion representing
a book-to-bill of 1.8x
Raising Fiscal Year 2024 guidance for
revenue, adjusted net income, and adjusted diluted EPS
CACI International Inc (NYSE: CACI), a leading provider of
expertise and technology to government customers, announced results
today for its fiscal third quarter ended March 31, 2024.
“CACI’s outstanding performance reflects the continued
successful execution of our strategy. We’re winning and delivering
in the marketplace with differentiated capabilities, exceptional
business development, and program execution,” said John Mengucci,
CACI President and Chief Executive Officer. “Our third quarter
results were strong across the board, including double-digit
organic growth, margin expansion, $3.5 billion of awards, and
record backlog. Our performance enables us to again raise fiscal
year 2024 revenue and earnings guidance. We remain confident in our
ability to drive long-term growth, increase free cash flow, and
generate value for our customers and our shareholders.”
Third Quarter Results
(in millions, except earnings per share
and DSO)
Three Months Ended
3/31/2024
3/31/2023
% Change
Revenues
$
1,937.5
$
1,744.3
11.1
%
Income from operations
$
181.3
$
155.0
16.9
%
Net income
$
115.4
$
100.7
14.5
%
Adjusted net income, a non-GAAP
measure1
$
129.0
$
114.5
12.7
%
Diluted earnings per share
$
5.13
$
4.33
18.5
%
Adjusted diluted earnings per share, a
non-GAAP measure1
$
5.74
$
4.92
16.7
%
Earnings before interest, taxes,
depreciation and amortization (EBITDA), a non-GAAP measure1
$
218.0
$
191.8
13.6
%
Net cash provided by operating activities
excluding MARPA1
$
113.6
$
56.1
102.4
%
Free cash flow, a non-GAAP measure1
$
101.9
$
41.0
148.9
%
Days sales outstanding (DSO)2
50
53
(1)
This non-GAAP measure should not be
considered in isolation or as a substitute for measures prepared in
accordance with GAAP. For additional information regarding this
non-GAAP measure, see the related explanation and reconciliation to
the GAAP measure included below in this release.
(2)
The DSO calculations for three months
ended March 31, 2024 and 2023 exclude the impact of the Company's
Master Accounts Receivable Purchase Agreement (MARPA), which was 8
days and 6 days, respectively.
Revenues in the third quarter of fiscal year 2024 increased 11
percent year-over-year, driven by 10 percent organic growth. The
increase in income from operations was driven by higher revenues
and gross profit. Growth in diluted earnings per share and adjusted
diluted earnings per share was driven by higher income from
operations and share repurchases earlier in the year, partially
offset by a higher tax provision and higher interest expense. The
increase in cash from operations, excluding MARPA, was driven
primarily by strong working capital and capital expenditure
management, and higher net income.
Third Quarter Contract Awards
Contract awards in the third quarter totaled $3.5 billion, with
approximately 46 percent for new business to CACI. Awards exclude
ceiling values of multi-award, indefinite delivery, indefinite
quantity (IDIQ) contracts. Some notable awards during the quarter
were:
- A five-year task order worth a total estimated value of $1.3
billion to provide communications and information technology
expertise to U.S. European Command (USEUCOM) and U.S. Africa
Command (USAFRICOM). This work continues and expands CACI’s current
relationship with these two 4-star commands, service component
commands, and associated staff elements and organizations, by
providing innovative IT solutions and expertise tailored to their
missions to execute global multi-domain operations with NATO,
allies, and mission partners to prevent conflict and respond in
crisis.
- A $638 million task order to provide enterprise product support
to the Department of Defense (DoD) for five years, enabling faster
and more effective development and dissemination of actionable
intelligence.
- A five-year DoD logistics and sustainment support task order
worth up to $271 million.
- A task order valued at up to $199 million over five years to
provide expertise to the DoD for tactical command, control, and
communications support across the warfighting functions of movement
and maneuver, command and control, fires, sustainment, protection,
intelligence, and engagement.
- An order of counter-unmanned aircraft systems (C-UAS) by the
Canadian Armed Forces that will defeat unmanned aerial vehicle
threats, including small drones.
Total backlog as of March 31, 2024 was $28.6 billion compared
with $25.3 billion a year ago, an increase of 13.0 percent. Funded
backlog as of March 31, 2024 was $3.2 billion compared with $3.4
billion a year ago, a decrease of 5.9 percent. The change in funded
backlog was driven by normal variation in timing of funding as well
as particularly strong funding in the year-ago quarter.
Additional Highlights
- Fortune magazine recognized CACI as one of the World’s Most
Admired Companies in 2024, commemorating its seventh consecutive
year on the list and its 13th appearance since the list’s
inception. CACI received notable results in Fortune’s survey
criteria for the quality of its expertise and technology, long-term
investment strategy, financial soundness, and social
responsibility. CACI was chosen from among approximately 1,500
global companies considered by Fortune.
- For the fourth consecutive year, CACI was named a Top Workplace
USA by employee engagement technology partner Energage, LLC. This
latest accolade is a result of the company’s strong culture, total
rewards, and legacy spanning more than 60 years.
- Twenty one CACI employees were honored for their excellence in
science, technology, engineering, and math (STEM) at the 38th
annual Black Engineer of the Year Awards (BEYA) Global
Competitiveness Conference held Feb. 15-17 in Baltimore,
Maryland.
Fiscal Year 2024 Guidance
The table below summarizes our fiscal year 2024 guidance and
represents our views as of April 24, 2024. Our revenue guidance
reflects approximately $200 million of higher-than-expected
material purchases by our customers, split evenly between the first
and second quarters of fiscal year 2024. Our guidance also reflects
lower diluted weighted average shares due to the effect of share
repurchases earlier in the year.
(in millions, except earnings per
share)
Fiscal Year 2024
Current Guidance
Prior Guidance
Revenues
$7,500 - $7,600
$7,300 - $7,500
Adjusted net income, a non-GAAP
measure1
$455 - $465
$450 - $465
Adjusted diluted earnings per share, a
non-GAAP measure1
$20.13 - $20.58
$19.91 - $20.58
Diluted weighted average shares
22.6
22.6
Free cash flow, a non-GAAP measure2
at least $420
at least $420
(1)
Adjusted net income and adjusted diluted
earnings per share are defined as GAAP net income and GAAP diluted
EPS, respectively, excluding intangible amortization expense and
the related tax impact. This non-GAAP measure should not be
considered in isolation or as a substitute for measures prepared in
accordance with GAAP. For additional information regarding this
non-GAAP measure, see the related explanation and reconciliation to
the GAAP measure included below in this release.
(2)
Free cash flow is defined as net cash
provided by operating activities excluding MARPA, less payments for
capital expenditures (capex). This non-GAAP measure should not be
considered in isolation or as a substitute for measures prepared in
accordance with GAAP. Fiscal year 2024 free cash flow guidance
assumes approximately $75 million in tax payments related to
Section 174 of the Tax Cuts and Jobs Act of 2017, and a $40 million
tax refund associated with prior year tax method changes. For
additional information regarding this non-GAAP measure, see the
related explanation and reconciliation to the GAAP measure included
below in this release.
Conference Call Information
We have scheduled a conference call for 8:00 AM Eastern Time
Thursday, April 25, 2024 during which members of our senior
management will be making a brief presentation focusing on third
quarter results and operating trends, followed by a
question-and-answer session. You can listen to the webcast and view
the accompanying exhibits on CACI’s investor relations website at
http://investor.caci.com/events/default.aspx at the scheduled time.
A replay of the call will also be available on CACI’s investor
relations website at http://investor.caci.com/.
About CACI
At CACI International Inc (NYSE: CACI), our 24,000 talented and
dynamic employees are ever vigilant in delivering distinctive
expertise and differentiated technology to meet our customers’
greatest challenges in national security and government
modernization. We are a company of good character, relentless
innovation, and long-standing excellence. Our culture drives our
success and earns us recognition as a Fortune World's Most Admired
Company. CACI is a member of the Fortune 1000 Largest Companies,
the Russell 1000 Index, and the S&P MidCap 400 Index. For more
information, visit us at www.caci.com.
There are statements made herein that do not address historical
facts and, therefore, could be interpreted to be forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such statements are subject to risk
factors that could cause actual results to be materially different
from anticipated results. These risk factors include, but are not
limited to, the following: our reliance on U.S. government
contracts, which includes general risk around the government
contract procurement process (such as bid protest, small business
set asides, loss of work due to organizational conflicts of
interest, etc.) and termination risks; significant delays or
reductions in appropriations for our programs and broader changes
in U.S. government funding and spending patterns; legislation that
amends or changes discretionary spending levels or budget
priorities, such as for homeland security or to address global
pandemics like COVID-19; legal, regulatory, and political change
from successive presidential administrations that could result in
economic uncertainty; changes in U.S. federal agencies, current
agreements with other nations, foreign events, or any other events
which may affect the global economy, including the impact of global
pandemics like COVID-19; the results of government audits and
reviews conducted by the Defense Contract Audit Agency, the Defense
Contract Management Agency, or other governmental entities with
cognizant oversight; competitive factors such as pricing pressures
and/or competition to hire and retain employees (particularly those
with security clearances); failure to achieve contract awards in
connection with re-competes for present business and/or competition
for new business; regional and national economic conditions in the
United States and globally, including but not limited to: terrorist
activities or war, changes in interest rates, currency
fluctuations, significant fluctuations in the equity markets, and
market speculation regarding our continued independence; our
ability to meet contractual performance obligations, including
technologically complex obligations dependent on factors not wholly
within our control; limited access to certain facilities required
for us to perform our work, including during a global pandemic like
COVID-19; changes in tax law, the interpretation of associated
rules and regulations, or any other events impacting our effective
tax rate; changes in technology; the potential impact of the
announcement or consummation of a proposed transaction and our
ability to successfully integrate the operations of our recent and
any future acquisitions; our ability to achieve the objectives of
near term or long-term business plans; the effects of health
epidemics, pandemics and similar outbreaks may have material
adverse effects on our business, financial position, results of
operations and/or cash flows; and other risks described in our
Securities and Exchange Commission filings.
CACI International Inc
Consolidated Statements of
Operations (Unaudited)
(in thousands, except per share
data)
Three Months Ended
Nine Months Ended
3/31/2024
3/31/2023
% Change
3/31/2024
3/31/2023
% Change
Revenues
$
1,937,456
$
1,744,270
11.1
%
$
5,621,537
$
4,999,445
12.4
%
Costs of revenues:
Direct costs
1,290,903
1,143,781
12.9
%
3,819,072
3,293,867
15.9
%
Indirect costs and selling expenses
430,134
410,235
4.9
%
1,244,122
1,180,619
5.4
%
Depreciation and amortization
35,115
35,220
-0.3
%
106,385
106,255
0.1
%
Total costs of revenues
1,756,152
1,589,236
10.5
%
5,169,579
4,580,741
12.9
%
Income from operations
181,304
155,034
16.9
%
451,958
418,704
7.9
%
Interest expense and other, net
27,668
23,570
17.4
%
80,758
59,705
35.3
%
Income before income taxes
153,636
131,464
16.9
%
371,200
358,999
3.4
%
Income taxes
38,286
30,722
24.6
%
85,933
82,031
4.8
%
Net income
$
115,350
$
100,742
14.5
%
$
285,267
$
276,968
3.0
%
Basic earnings per share
$
5.17
$
4.37
18.3
%
$
12.73
$
11.87
7.2
%
Diluted earnings per share
$
5.13
$
4.33
18.5
%
$
12.63
$
11.76
7.4
%
Weighted average shares used in per share
computations:
Weighted-average basic shares
outstanding
22,292
23,055
-3.3
%
22,407
23,329
-4.0
%
Weighted-average diluted shares
outstanding
22,478
23,277
-3.4
%
22,593
23,546
-4.0
%
CACI International Inc
Consolidated Balance Sheets
(Unaudited)
(in thousands)
3/31/2024
6/30/2023
ASSETS
Current assets:
Cash and cash equivalents
$
159,226
$
115,776
Accounts receivable, net
1,013,677
894,946
Prepaid expenses and other current
assets
220,623
199,315
Total current assets
1,393,526
1,210,037
Goodwill
4,138,450
4,084,705
Intangible assets, net
490,004
507,835
Property, plant and equipment, net
188,226
199,519
Operating lease right-of-use assets
303,926
312,989
Supplemental retirement savings plan
assets
98,962
96,739
Accounts receivable, long-term
12,557
11,857
Other long-term assets
178,733
177,127
Total assets
$
6,804,384
$
6,600,808
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Current portion of long-term debt
$
61,250
$
45,938
Accounts payable
363,451
198,177
Accrued compensation and benefits
257,485
372,354
Other accrued expenses and current
liabilities
402,656
377,502
Total current liabilities
1,084,842
993,971
Long-term debt, net of current portion
1,631,150
1,650,443
Supplemental retirement savings plan
obligations, net of current portion
112,455
104,912
Deferred income taxes
36,616
120,545
Operating lease liabilities,
noncurrent
321,324
329,432
Other long-term liabilities
252,633
177,171
Total liabilities
3,439,020
3,376,474
Total shareholders' equity
3,365,364
3,224,334
Total liabilities and shareholders'
equity
$
6,804,384
$
6,600,808
CACI International Inc
Consolidated Statements of
Cash Flows (Unaudited)
(in thousands)
Nine Months Ended
3/31/2024
3/31/2023
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income
$
285,267
$
276,968
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
106,385
106,255
Amortization of deferred financing
costs
1,644
1,688
Non-cash lease expense
50,765
52,293
Stock-based compensation expense
35,016
30,564
Deferred income taxes
(36,231
)
(84,794
)
Changes in operating assets and
liabilities, net of effect of business acquisitions:
Accounts receivable, net
(109,617
)
(80,116
)
Prepaid expenses and other assets
(24,254
)
(42,137
)
Accounts payable and other accrued
expenses
179,922
62,116
Accrued compensation and benefits
(117,580
)
(62,522
)
Income taxes payable and receivable
2,483
28,825
Operating lease liabilities
(55,111
)
(58,667
)
Long-term liabilities
21,434
5,481
Net cash provided by operating
activities
340,123
235,954
CASH FLOWS FROM INVESTING
ACTIVITIES
Capital expenditures
(41,091
)
(40,844
)
Acquisitions of businesses, net of cash
acquired
(81,577
)
—
Other
1,974
1,626
Net cash used in investing activities
(120,694
)
(39,218
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from borrowings under bank credit
facilities
2,421,000
2,384,000
Principal payments made under bank credit
facilities
(2,426,625
)
(2,314,969
)
Proceeds from employee stock purchase
plans
8,374
7,638
Repurchases of common stock
(158,426
)
(270,449
)
Payment of taxes for equity
transactions
(19,945
)
(14,115
)
Net cash used in financing activities
(175,622
)
(207,895
)
Effect of exchange rate changes on cash
and cash equivalents
(357
)
3,144
Net change in cash and cash
equivalents
43,450
(8,015
)
Cash and cash equivalents, beginning of
period
115,776
114,804
Cash and cash equivalents, end of
period
$
159,226
$
106,789
Revenues by Customer Group
(Unaudited)
Three Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Department of Defense
$
1,452,264
74.9
%
$
1,298,700
74.4
%
$
153,564
11.8
%
Federal Civilian agencies
381,214
19.7
%
355,612
20.4
%
25,602
7.2
%
Commercial and other
103,978
5.4
%
89,958
5.2
%
14,020
15.6
%
Total
$
1,937,456
100.0
%
$
1,744,270
100.0
%
$
193,186
11.1
%
Nine Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Department of Defense
$
4,163,079
74.0
%
$
3,554,080
71.1
%
$
608,999
17.1
%
Federal Civilian agencies
1,178,500
21.0
%
1,179,467
23.6
%
(967
)
-0.1
%
Commercial and other
279,958
5.0
%
265,898
5.3
%
14,060
5.3
%
Total
$
5,621,537
100.0
%
$
4,999,445
100.0
%
$
622,092
12.4
%
Revenues by Contract Type
(Unaudited)
Three Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Cost-plus-fee
$
1,174,219
60.6
%
$
1,008,688
57.8
%
$
165,531
16.4
%
Fixed-price
520,987
26.9
%
529,786
30.4
%
(8,799
)
-1.7
%
Time-and-materials
242,250
12.5
%
205,796
11.8
%
36,454
17.7
%
Total
$
1,937,456
100.0
%
$
1,744,270
100.0
%
$
193,186
11.1
%
Nine Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Cost-plus-fee
$
3,411,128
60.7
%
$
2,896,778
58.0
%
$
514,350
17.8
%
Fixed-price
1,542,608
27.4
%
1,520,915
30.4
%
21,693
1.4
%
Time-and-materials
667,801
11.9
%
581,752
11.6
%
86,049
14.8
%
Total
$
5,621,537
100.0
%
$
4,999,445
100.0
%
$
622,092
12.4
%
Revenues by Prime or
Subcontractor (Unaudited)
Three Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Prime contractor
$
1,741,777
89.9
%
$
1,556,733
89.2
%
$
185,044
11.9
%
Subcontractor
195,679
10.1
%
187,537
10.8
%
8,142
4.3
%
Total
$
1,937,456
100.0
%
$
1,744,270
100.0
%
$
193,186
11.1
%
Nine Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Prime contractor
$
5,027,516
89.4
%
$
4,467,882
89.4
%
$
559,634
12.5
%
Subcontractor
594,021
10.6
%
531,563
10.6
%
62,458
11.7
%
Total
$
5,621,537
100.0
%
$
4,999,445
100.0
%
$
622,092
12.4
%
Revenues by Expertise or
Technology (Unaudited)
Three Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Expertise
$
916,955
47.3
%
$
812,300
46.6
%
$
104,655
12.9
%
Technology
1,020,501
52.7
%
931,970
53.4
%
88,531
9.5
%
Total
$
1,937,456
100.0
%
$
1,744,270
100.0
%
$
193,186
11.1
%
Nine Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Expertise
$
2,644,590
47.0
%
$
2,288,123
45.8
%
$
356,467
15.6
%
Technology
2,976,947
53.0
%
2,711,322
54.2
%
265,625
9.8
%
Total
$
5,621,537
100.0
%
$
4,999,445
100.0
%
$
622,092
12.4
%
Contract Awards
(Unaudited)
Three Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Contract Awards
$
3,503,358
$
1,059,094
$
2,444,264
230.8
%
Nine Months Ended
(in thousands)
3/31/2024
3/31/2023
$ Change
% Change
Contract Awards
$
8,772,272
$
7,793,551
$
978,721
12.6
%
Reconciliation of Net Income to Adjusted Net
Income and Diluted EPS to Adjusted Diluted EPS (Unaudited)
Adjusted net income and Adjusted diluted EPS are non-GAAP
performance measures. We define Adjusted net income and Adjusted
diluted EPS as GAAP net income and GAAP diluted EPS, respectively,
excluding intangible amortization expense and the related tax
impact as we do not consider intangible amortization expense to be
indicative of our operating performance. We believe that these
performance measures provide management and investors with useful
information in assessing trends in our ongoing operating
performance, provide greater visibility in understanding the
long-term financial performance of the Company, and allow investors
to more easily compare our results to results of our peers. These
non-GAAP measures should not be considered in isolation or as a
substitute for performance measures prepared in accordance with
GAAP.
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
3/31/2024
3/31/2023
% Change
3/31/2024
3/31/2023
% Change
Net income, as reported
$
115,350
$
100,742
14.5
%
$
285,267
$
276,968
3.0
%
Intangible amortization expense
18,358
18,585
-1.2
%
55,150
56,808
-2.9
%
Tax effect of intangible amortization1
(4,682
)
(4,813
)
-2.7
%
(14,065
)
(14,712
)
-4.4
%
Adjusted net income
$
129,026
$
114,514
12.7
%
$
326,352
$
319,064
2.3
%
Three Months Ended
Nine Months Ended
3/31/2024
3/31/2023
% Change
3/31/2024
3/31/2023
% Change
Diluted EPS, as reported
$
5.13
$
4.33
18.5
%
$
12.63
$
11.76
7.4
%
Intangible amortization expense
0.82
0.80
2.5
%
2.44
2.41
1.2
%
Tax effect of intangible amortization1
(0.21
)
(0.21
)
0.0
%
(0.63
)
(0.62
)
1.6
%
Adjusted diluted EPS
$
5.74
$
4.92
16.7
%
$
14.44
$
13.55
6.6
%
FY24 Guidance Range
(in millions, except per share data)
Low End
High End
Net income, as reported
$
400
---
$
410
Intangible amortization expense
74
---
74
Tax effect of intangible amortization1
(19
)
---
(19
)
Adjusted net income
$
455
---
$
465
FY24 Guidance Range
Low End
High End
Diluted EPS, as reported
$
17.70
---
$
18.14
Intangible amortization expense
3.27
---
3.27
Tax effect of intangible amortization1
(0.84
)
---
(0.84
)
Adjusted diluted EPS
$
20.13
---
$
20.58
(1)
Calculation uses an assumed full year
statutory tax rate of 25.5% and 25.9% on non-GAAP tax deductible
adjustments for March 31, 2024 and 2023, respectively.
Note: Numbers may not sum due to rounding.
Reconciliation of Net Income to Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA)
(Unaudited)
The Company views EBITDA and EBITDA margin, both of which are
defined as non-GAAP measures, as important indicators of
performance, consistent with the manner in which management
measures and forecasts the Company’s performance. EBITDA is a
commonly used non-GAAP measure when comparing our results with
those of other companies. We define EBITDA as GAAP net income plus
net interest expense, income taxes, and depreciation and
amortization expense (including depreciation within direct costs).
We consider EBITDA to be a useful metric for management and
investors to evaluate and compare the ongoing operating performance
of our business on a consistent basis across reporting periods, as
it eliminates the effect of non-cash items such as depreciation of
tangible assets, amortization of intangible assets primarily
recognized in business combinations, which we do not believe are
indicative of our operating performance. EBITDA margin is EBITDA
divided by revenue. These non-GAAP measures should not be
considered in isolation or as a substitute for performance measures
prepared in accordance with GAAP.
Three Months Ended
Nine Months Ended
(in thousands)
3/31/2024
3/31/2023
% Change
3/31/2024
3/31/2023
% Change
Net income
$
115,350
$
100,742
14.5
%
$
285,267
$
276,968
3.0
%
Plus:
Income taxes
38,286
30,722
24.6
%
85,933
82,031
4.8
%
Interest income and expense, net
27,668
23,570
17.4
%
80,758
59,705
35.3
%
Depreciation and amortization expense,
including amounts within direct costs
36,667
36,771
-0.3
%
111,168
111,584
-0.4
%
EBITDA
$
217,971
$
191,805
13.6
%
$
563,126
$
530,288
6.2
%
Three Months Ended
Nine Months Ended
(in thousands)
3/31/2024
3/31/2023
% Change
3/31/2024
3/31/2023
% Change
Revenues, as reported
$
1,937,456
$
1,744,270
11.1
%
$
5,621,537
$
4,999,445
12.4
%
EBITDA
217,971
191,805
13.6
%
563,126
530,288
6.2
%
EBITDA margin
11.3%
11.0%
10.0%
10.6%
Reconciliation of Net Cash Provided by
Operating Activities to Net Cash Provided by Operating Activities
Excluding MARPA and to Free Cash Flow (Unaudited)
The Company defines Net cash provided by operating activities
excluding MARPA, a non-GAAP measure, as net cash provided by
operating activities calculated in accordance with GAAP, adjusted
to exclude cash flows from CACI’s Master Accounts Receivable
Purchase Agreement (MARPA) for the sale of certain designated
eligible U.S. government receivables up to a maximum amount of
$250.0 million. Free cash flow is a non-GAAP liquidity measure and
may not be comparable to similarly titled measures used by other
companies. The Company defines Free cash flow as Net cash provided
by operating activities excluding MARPA, less payments for capital
expenditures. The Company uses these non-GAAP measures to assess
our ability to generate cash from our business operations and plan
for future operating and capital actions. We believe these measures
allow investors to more easily compare current period results to
prior period results and to results of our peers. Free cash flow
does not represent residual cash flows available for discretionary
purposes and should not be used as a substitute for cash flow
measures prepared in accordance with GAAP.
Three Months Ended
Nine Months Ended
(in thousands)
3/31/2024
3/31/2023
3/31/2024
3/31/2023
Net cash provided by operating
activities
$
198,271
$
28,864
$
340,123
$
235,954
Cash used in (provided by) MARPA
(84,645
)
27,272
(50,000
)
(14,905
)
Net cash provided by operating activities
excluding MARPA
113,626
56,136
290,123
221,049
Capital expenditures
(11,681
)
(15,174
)
(41,091
)
(40,844
)
Free cash flow
$
101,945
$
40,962
$
249,032
$
180,205
(in millions)
FY24 Guidance
Current
Prior
Net cash provided by operating
activities
$
500
$
510
Cash used in (provided by) MARPA
—
—
Net cash provided by operating activities
excluding MARPA
500
510
Capital expenditures
(80
)
(90
)
Free cash flow
$
420
$
420
CACI-Financial
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240424431511/en/
Corporate Communications and Media: Lorraine Corcoran, Executive
Vice President, Corporate Communications (703) 434-4165,
lorraine.corcoran@caci.com
Investor Relations: George Price, Senior Vice President,
Investor Relations (703) 841-7818, george.price@caci.com
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